“Dee, let’s be thrifty buddies, okay?” my roommate suddenly pleaded with me last night. “I need to save money for my trip.”
“Okay, sure!” I replied, because saving money is actually on my list of new year’s resolutions this year. I also want to save enough money to go on a trip outside Asia soon.
So how do we go about doing that, exactly? Let me try to list the ways.
(1) Track all your spending
You can do this the old fashioned way using a notebook or putting cash in envelopes (read about that system on Chelsea’s blog), or you can take advantage of the wonders of technology and use any of the many wonderful apps out there for budgeting and tracking expenses. Being aware of every single cent you fork out will make you less inclined to do unnecessary spending.
(2) Pack your own lunches
Food bought from outside obviously costs a lot more than ones you prepare yourself. A half sandwich in the sandwich shop in our building costs S$4.20. A loaf of bread, a pack of ham, a pack of cheese singles, and a head of lettuce costs around S$10 and could make a whole week’s worth of sandwiches. Do the math to see how much savings you can get out of that.
(3) Wake up early
Early to bed, early to rise
Makes a man healthy, wealthy, and wise.
Goes the old saying. See the wealthy part? You can save money by waking up early, indeed. How? (A) You will have time to eat breakfast and prepare your packed lunch instead of just buying something usually more expensive on the way because you’re so hungry. And (B) You have plenty of time to get to work by taking a bus, the train, and then another bus to work instead of booking a cab which is quadruple the cost.
(4) Stay in
My roomie and I are both restless creatures, so we tend to dislike being cooped up at home on weekends. But lots of money can be saved by not heading out. The next time your friends want to hang out, suggest doing it in one of your houses instead of going to the mall where not only is food/booze/entertainment more expensive but a lot of temptations exist as well in the form of “SALE! UP TO 70% OFF!” signs.
I’ve had a few of those kinds of hang outs at home these past few weeks and it has actually been really fun! One time I had friends over and we ordered pizza and had a Sherlock marathon. Another time we just gabbed on the couch, because real life stories are also be worth “watching.” You can definitely still have fun while being frugal.
(5) Stick to friends within your caste
Okay, maybe that sounds a bit harsh, but, it’s really hard to be friends with people who earn a lot more than you and have expensive tastes. A scene from Friends comes to mind, when this conversation happens:
RACHEL: So uh, what are you guys doing for dinner tonight?
JOEY: Well I guess I gotta start savin’ up for Ross’s birthday, so I guess I’ll just stay home and eat dust bunnies.
PHOEBE: Can you believe how much this is gonna cost?
RACHEL: Do you guys ever get the feeling that um, Chandler and those guys just don’t get that we don’t make as much money as they do?
JOEY: Yes! Yeah, it’s like they’re always saying “let’s go here, let’s go there”. Like we can afford to go here and there.
PHOEBE: Yes, yes, and it’s, and we always have to go to, you know, someplace nice, you know? God, and it’s not like we can say anything about it, ’cause, like this birthday thing, it’s for Ross.
JOEY: For Ross.
RACHEL: For Ross, Ross, Ross.
I can totes relate to this conversation. One time, I went out to have dinner with some friends and when the bill came, they were, like, “Oooh, not bad!” while deep inside I was thinking, Duck! I won’t be able to eat anything but oatmeal till payday.
It’s not their fault, of course. They can’t help that they earn a lot more than you do. Next time they invite you out, don’t be afraid to say no. Find other friends to hang out with, those who wouldn’t mind doing #4 with you.
(6) Don’t pay for a gym membership
You don’t need to pay for a gym membership. Save over S$100 a month by making the world your gym. And by that I mean you can always jog around your neighborhood, or use the elderly facilities in HDB apartment complexes. Or you can buy a workout DVD or find one on Youtube and do it at home.
If you really want a gym environment, though, there are really cheap ones in community centers that charge only S$2.50 per walk-in visit. Paying per session is more economical especially if you’re not even sure you will be able to go to the gym often.
(7) Stop impulsive shopping
I’m afraid I am quite the impulsive shopper. Like yesterday I ended up buying some stuff that I had not really planned on buying. Little amounts by themselves, so you don’t realize that you’ve spent a lot until you tally them all up and – yikes!
The best way to not to this is to avoid temptation in the first place. So don’t go to malls. Or if you have to, be like you’re a guy and don’t wander into all the shops, just head for the store that has what you need, buy it, and leave. Don’t subscribe to shopping or coupon sites because emails saying that something is hugely discounted may sometimes lead you into buying it even though you didn’t really need it.
And if ever you find yourself wanting to buy something on an impulse, keep this in mind:
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Do you have any penny-saving tips that worked for you? Please share in the comments!
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